Ever since its inception, Life Insurance Corporation of India, or LIC, has always enjoyed supremacy over private life insurance companies, thanks to its dominant market share. Now, days ahead of filing the DRHP for its IPO, data indicates that LIC has lost market share in multiple segments.

FY22 has not been a very pretty year for the life insurance behemoth so far--LIC has lost a market share of 500 basis points, that is 5 percent, to the private life insurance industry in the first 10 months of FY22.

Who has LIC been losing this market share to? HDFC Life and SBI Life have gained market share of 112 basis points and 178 basis points each, respectively, while ICICI Prudential Life gained 38 basis points and Max Life has inched up by about 11 basis points.

Watch the accompanying video of CNBC-TV18’s Yash Jain for more details.

Also Read: LIC IPO: DRHP expected soon; embedded value seen at Rs 5.4 lakh crore